Reply by PAW_Fl on 5/9/05 11:09am
Msg #36634
Your question is very ambiguous. It's like asking how difficult is it to replace an engine in a car. Technically, very easy. But there's always "bumps" along the way and unforeseen situations. Newcomers may have a difficult time with it. Experts may have a difficult time to, but experience is a great teacher. If you have never done a purchase, I suggest you may wish to pass on this one. Then contact a realtor or title closer and ask to "learn from them" how to do purchases. Then you would be better prepared.
Do you mean a purchase closing, where the buyers will have a 1st and 2nd mortgage?
Or do you mean two purchases, same seller or buyer?
I'm assuming the former.
Purchases can be a nightmare or they can be breeze, depending on how much information has traded hands prior to signing at the table.
As for the buyer, the lien aspect will be very similar to what you're already accustomed to with refinances, with minor differences and two major differences. First major difference is NO RTC. Second major difference will be all the inspection certificates, warranty deed from the seller, and possible collection of insurance and other stipulations.
The sellers side, is simple, too. Both sides need to go over many documents, starting with the numbers (HUD). Don't go through the "loan" information as the buyers probably don't want the seller or anybody else to "know their business".
|
